The records of Santiago were destroyed by fire at the end of the current year. However, certain statistical data related to the income statement are available: Interest expense P 20,000 Cost of goods sold 2,000,000 Sales discount 100,000 The beginning inventory was P400,000 and decreased 20% during the year. Administrative expenses are 25% of cost of goods sold but only 10% of gross sales. Four fifths of the operating expenses relate to sale activities. 29. Ignoring income tax, what is the net income for the current year?
The records of Santiago were destroyed by fire at the end of the current year. However, certain statistical data related to the income statement are available: Interest expense P 20,000 Cost of goods sold 2,000,000 Sales discount 100,000 The beginning inventory was P400,000 and decreased 20% during the year. Administrative expenses are 25% of cost of goods sold but only 10% of gross sales. Four fifths of the operating expenses relate to sale activities. 29. Ignoring income tax, what is the net income for the current year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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PROBLEM 23: The records of Santiago were destroyed by fire at the end of the current year.
However, certain statistical data related to the income statement are available:
Interest expense P 20,000
Cost of goods sold 2,000,000
Sales discount 100,000
The beginning inventory was P400,000 and decreased 20% during the year. Administrative expenses are 25% of cost of goods sold but only 10% of gross sales. Four fifths of the operating expenses relate to sale activities.
29. Ignoring income tax, what is the net income for the current year?
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